Nifty will remain under pressure below 5000-4990 levels: Vijay Bhambwani

"It is clear that the Nifty is likely to remain under pressure as long as it remains below the 5000 or 4990 levels intraday today and typically the day after the derivatives expiry turns out to be an anti-climatic dull kind of a day. "

| Sep 30, 2011, 11.39 AM IST

Vijay Bhambwani, Author, CEO, BSPLindia.com in an interview with ET Now talks about his outlook for Nifty.

What is the call on markets right now and what are your stock recommendations?

It is clear that the Nifty is likely to remain under pressure as long as it remains below the 5000 or 4990 levels intraday today and typically the day after the derivatives expiry turns out to be an anti-climatic dull kind of a day. So I am not really surprised that the Nifty is showing some kind of downside activity after the huge run up from intraday lows yesterday. If it all it was to remain below the 4990 levels consistently, support on the Nifty should come between 4960 to 4930 and I do not think 4930 should be taken out.

If it is, then the coming week would actually turn out to be a good one for short sellers. Barring that, it is a routine profit taking bout after a bullish expiry.

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